The population of Bangladesh increased at a rate of 1% per year since 2014

Bangladesh’s economy will surpass that of Malaysia, Hong Kong and Singapore with its presence as the 30th largest economy in the world by 2024.

Bangladesh’s economy will further climb from the 40th place in the World Economic League Table in 2020 to 26th and 25th position respectively by 2029 and 2034, says a global report released by the Centre for Economics and Business Research (CEBR).

The World Economic League Table 2020 with forecasts for 193 countries to 2034 was published recently, reports UNB.

With a Purchasing Power Parity (PPP) adjusted Gross Domestic Product (GDP) per capita of $5,028 in 2019, Bangladesh is a lower middle-income country, said CEBR.

Bangladesh’s economy performed well last year, recording a 7.8% growth, according to the report. The country recorded 7.9% growth in 2018.

The population increased at a rate of 1% per year since 2014. This has meant that per capita incomes have grown considerably in recent years. The government debt as a share of GDP rose to 34.6% last year. This is up from 34% in 2018.

Despite this increase, the public sector finances remain in good shape. The relatively low debt burden has provided the government with the fiscal headroom to operate a budget deficit of 4.8% in 2019.

The annual rate of GDP growth is forecast to slow to an average of 7.3% between 2020 and 2025, according to the report.

Over the subsequent nine years, CEBR forecasts that the economy will remain at this impressive rate, which will see Bangladesh climb from 40th place in the World Economic League Table in 2020 to 25th place by 2034.